, 1887-08-06

30 mas Deen we'll considered by our directors,
and l feel sure their cautious policy in this
respect is q wise one, and promises well for
the future OF the company. The interest on
Investments provides more than three fourths
of the dividend, thus leaving the great bulk
OF the FIRE profits to strengthen the concern.
This 10 the same policy as is pursued by the
most OF our large insurance companies. and
1t Is necessary on account of the very uncer-
tain nature. of fire insurance business. but if
the present rate OF increase in the company's
business continues, the reserve fund will soon
reach to such q sum as to give the company
sufnclent stability in the eyes Of the public,
and thus enable the directors to allow the
shareholders to reap a rich harvest in the
shape OF g larger share of the profits. With
these few remarks l beg to second the adop-
ton OF the report-(appiause).
The report was ~then'adopted.
The Chairman beg now to move the
adoption of the following resolutions, which,
indeed, follow necessarily from the report
which you have been pleased unanimously to
approve, and which therefore REQUIRE no
further words from me. They are as fol.
lows -
/. That the sum of e75, 900 be transferred
TO the fire reserve fund.
2. That a further dividend of ass per
share, free of income tax, be now declared
in respect of the year 1886.
8. That q bonus Sf Sc. per share, free OF
income tax, be now also declared in respect
of the year 1886.
may, however, take the opportunity to
refer in q word to another resolution which
was passed last month by the general court
of directors, and duly intimated by q circular
to each of the shareholders. refer of course
to the self-denying ordinance by which we
have restricted our holdings in thee ompany's
stock to- maximum of 500 shares. We
observed that q few of the proprietors, having
that boundless confidence in the Company
which, no doubt, it quite deserves, were
increasing their stake in the concern to o very
large extent, two gentlemen holding over q
thousand shares each. 1t is obviously desir-
able that our proprietary should be as numer
ous and as widespread as possible. The con.
n~ections of every shareholder are of value
at least, of every one of US who does his duty
as q shareholder, by exerting his influence on
behalf of the Company. IN this ground.
therefore, it was not to be desired that a
large number of the O~ompany's shares should
get into q very few hands. And again, it
sometimes happens that on the death of o
shareholder or o resettlement of his property,
his entire holding is at once thrown on the
market; and such an occurrence is apt undu-
ly TO depress market values when the number
of shares held is very large. For these rea-
sons we thought it well to restrict the number
of shares tenable in one name; and in fixing
the limit at 500 shares, representing a present
sterling value Of nearly 100000, ! do not
think you can allege that we nave unduly
fettered your freedom of action.
Mr.. Annandale, banker, S~tonehaven,
seconded the resolutions, which were unani.
mously carried.
Mr.. James Matthews, of Springhill moved
the following resolution
That Mr.. Alexander Edmond, Mr.. Reid.
and Mr.. B. Nicolson, be reelected membera
of the Aberdeen Board, and that Mr.. Fenwiok
Sir Philip Currie, and Mr.. Lubbock, be re.
elected members of the London Board
(applause).
He said-You are all very we'll acquainted
with the gentlemen I have nominated to che
Aberdeen Board, and il needs no argument
of mine to induce you readily 10 accede 20
this at once. All these gentlemen have paid
great attention to the interests of the Com.
pany, and the Company has greatly benefited
by their advice-(applause). Although
the other gentlemen may not be known to
you personally, / can assure you that they
hold q very high position u the commercial
world OF London, sMd they have all been Of
great advantage to the interests of the Com.
pany-(applause). / have therefore great
pleasure in moving that these gentlemen be